At the beginning of April, the company announced that as part of its year-end close process, it had identified an issue relating to its accounting for receivables and deferred income in previous Air Partner results.

It appointed PwC and Rosenblatt Solicitors to review the issue, suggesting the total cumulative impact between the financial years ended 31 July 2011 and 31 January 2018 was around £4m.

At the time, Air Partner said it decided to delay the announcement of its full year results for year ended 31 January 2018 by a month, from 26 April to 31 May.

In an update, Air Partner said it had agreed with its auditor, Deloitte, that it would not be in a position to meet this deadline and now expects the annual accounts to be published no later than 11 June.

The board has also requested that trading in the company's ordinary shares on the London Stock Exchange be suspended with immediate effect pending publication of the audited accounts.

Peter Saunders, non-executive chairman of Air Partner, said: ‘The delay to the publication of our full year accounts, and the resultant trading suspension, is extremely frustrating and hugely disappointing for all connected with Air Partner. 

However, it is a reflection of the volume of work, which began seven weeks ago, to conclude a transparent, thorough, and exhaustive internal review and audit.

This delay is not related to the company's current trading, cash flow, banking arrangements or any underlying issue.’

Report by Pat Sweet